Giuliani: CEO Bonuses Are 'Economic Stimulus'

Sarabeth at 1115.org yanks a pretty hilarious pull quote from one-time Presidential-hopeful Rudy Giuliani, who has a pretty creative take on the issue of the $18 billion in bonuses claimed by Wall Streeters this year. These were decried by President Barack Obama as "shameful" and "the height of irresponsibility," but ol' Rudy, he sees this stuff differently -- those bonuses are actually economic stimulus, free-market style!

"Wall Street has $1 billion, $2 billion in bonuses, the city had a deficit. Wall Street has $15 billion to $20 billion, New York City had a $2 billion, $3 billion surplus, and it's because that money gets spent. That money goes directly into the economy. First of all, it gets taxed as income. Secondly, it gets taxes again when somebody buys something with it."

Uhm, yeah. I think that maybe a more accurate correlation might be that where the New York City economy is concerned, fiscal success dovetails with periods when Wall Street isn't serving up turd biscuits, and are thus deserving of their bonuses in the $15-20 billion range. Anyway, Mayor Michael Bloomberg is pretty much convinced that the outlook for New York City is pretty bleak, so I guess someone had better go and tell the economy that it's supposed to be performing vibrantly.

Meanwhile, if you love your country, send ALL YOUR MONEY to John Thain! He knows what he's doing, obviously.